“Given that President and Mrs. Obama will be in Washington for at least another two and a half years, it made sense for them to buy a home rather than continuing to rent property,” the Obamas’ spokeman Kevin Lewis said in a statement, according to The Washington Post.

The house is in the Kalorama neighborhood, a swanky community that is home to diplomats and political leaders. Their neighbors include President Donald Trump’s daughterIvanka Trump and son-in-law Jared Kushner, who are reportedly renting their home for $15,000 a month.

The Obamas’ home is the second most expensive house in the neighborhood. Jeffrey Bezos, the Amazon founder and owner of The Washington Post, paid $23 million for his house in Kalorama.

They’re expected to live in the house while their youngest daughter, Sasha, is still in high school.